Mr. Gary Dunne:

It is. We try to make insurance as simple as possible but one can and should layer on complexities to get the full picture but it is a game of money in and money out, like most organisations. The money in is premiums and also investment income and the money out is primarily claims, operating expenses for the company and brokerage commissions among other costs.

You can distil it to that. It means that if there is less income for that outgoing there needs to be more income.